Question: Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs

Cobb Manufacturing Company uses a process cost system and average costing. The

following production data is for the month of June 2011. Production Costs

Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of month: Materials. Labor. Factory overhead. Costs incurred during month: Materials Labor. Factory overhead Total. $3,000 1,500 500 **** $ 5,000 $50,000 30,000 20.000 100.000 S105.000 Production Report In process, beginning of month. Finished and transferred during month. In process, end of month. Stage of completion for materials, labor, and overhead (ending). Stage of completion for materials, labor, and overhead (beginning). Units 1,000 18,000 4,000 One-half One-fourth Directions: Complete the following cost of production summary for Cobb Manufacturing Company. Show computations in spaces provided and round unit costs to three decimal places. Cobb Manufacturing Company Cost of Production Summary For the Month Ended June 30, 2011 Cost of work in process, beginning of month: Materials. Labor. Factory overhead. Cost of production for month: %2. Materials. Labor. tory overhead. Total costs to be accounted for. Unit output for month: Finished during month. Equivalent units of work in process, end of month Total equivalent production.. Unit cost for month: 1.1 Materials Labor Factory overhead e Total. Inventory costs: Cost of goods finished during month Cost of work in process, end of month: Materials ( Labor Factory overhead ( Total production costs accounted for.

Step by Step Solution

★★★★★

3.33 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

A C D 1 2 Question 2 3 4 Cost of work in process beginning of month Materials 5 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Lynne Products Company uses a process cost system and applies actual factory overhead to work in process at the end of the month. The following data came from the records for the month of March:...

Mt. Repose Manufacturing Company uses a process cost system. Its manufacturing operation is carried on in two departments: Machining and Finishing. The Machining Department uses the average cost...

Natco Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at...

Genola Fashions began production of a new product on June 1. The company uses a standard cost system and has established the following standards for one unit of the new product: During June, the...

Fuentes Manufacturing Company uses a standard cost accounting system. In 2012, the company produced 28,000 units. Each unit took several pounds of direct materials and 1 standard hours of direct...

Company uses a standard cost system and sets predetermined overhead rates on the basis of direct labor-hours. The following data are taken from the companys budget for the current year: The standard...

Sanchez Manufacturing Company uses a standard cost accounting system to account for the manufacture of exhaust fans. In July 2010, it accumulates the following data relative to 1,800 units started...

Andrews Company uses the process cost system. The following data, taken from the organization's books, reflect the results of manufacturing operations during the month of October: Required: Prepare a...

Cancun Chemicals, Inc., which uses the process cost system, has two departments: A and B. In both departments, all of the materials are put into production at the beginning of the process. The...

Roberts Corporation uses a process cost system. The records for the month of May show the following information: Required: Prepare a cost of production summary for eachdepartment. Production Report...

Sharpe has a capital balance of $300,000 after adjusting assets to fair market value. Rojas contributes $250,000 to receive a 60% interest in a new partnership with Sharpe. Determine the amount and...

On October 1, Venden Corporations stockholders equity is as follows. Common stock, $5 par value .............. $400,000 Paid-in capital in excess of parcommon stock ...... 25,000 Retained earnings...

find the equation of the slope of the tangent line using limits f ( x ) = - 2 x ^ 2 + 9 x

The members of a population have been numbered 1-50. A sample of size 20 is to be taken from the population, using cluster sampling. The clusters are of equal size 10, where cluster #1 consists of...

The members of a population have been numbered 1-372. A sample of size 5 is to be taken from the population, using systematic random sampling. a. Apply Procedure 1.1 on page 17 to determine the...

Andrew Cha, the founder of Colorscope, Inc., a small, vibrant firm in the graphic arts industry, had seen his business change dramatically over the years. The rapid development of such technologies...

The U. S. Department of Transportation maintains statistics for involuntary denial of boarding. In July September 2013, the American Airlines rate of involuntarily denying boarding was 0.45 per...

Always Christmas makes artificial Christmas trees in two departments: Cutting and Boxing. In the Cutting Department, wire wrapped with green "needles" is placed into production at the beginning of...

In the figure, determine the character of the collision. The masses of the blocks, and the velocities before and after, are shown. The collision is A) partially inelastic. B) completely inelastic. C)...

Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of the month:...

1) The Spangle Company uses the process cost system and average costing. The following prediction data are for the month of July: Production Costs Work in process, beginning of month Materials $2,500...

Billingsley Company sells a single product manufactured in two departments, Cutting and Assembling. Units are started in Cutting and then are transferred to Assembling, where they are completed....

Island Company uses a process cost system with average costing to account for the production of its only product. The product is manufactured in two departments. Units of product are started in the...

Average and FIFO cost methods; losses at the beginning and end of processing} Similar to Self-Study Problem 1 Mt. Orab Manufacturing Company uses a process cost system. Its manufacturing operation is...

The Donough Manufacturing Company uses a process cost system. In the second department, Department X, both spoiled units and defective units occur during operations. Inspection for spoiled units...